Drip Reit Announces Further Acquisitions in Gloucester and Manchester.
DRIP REIT growth continues taking portfolio to seven regional UK investment properties totalling £40.362 million
Drum Income Plus Real Estate Investment Trust (DRIP REIT) has acquired two further properties in Manchester and Gloucester for a combined total of £9.71 million. DRIP REIT has acquired Arthur House in Piccadilly, Manchester, for £4.41 million. The multi-let office investment has an exceptional city centre location and is currently occupied by 23 professional services firms. The purchase price reflects an acquisition yield of 8.9%.
DRIP REIT has also acquired 108 Eastern Avenue Retail Park in Gloucester for £5.3 million. The park is fully let with tenants including Staples, Maplin and Farmfoods. The purchase price reflects an acquisition yield of 8.4%.